According to a report by BNAmericas, Peru’s current mining investments are less than half of what they were less than 10 years ago.
　　In an interview with local media, Luis Miguel Castilla, Peru’s former Minister of Economy and Finance, stated that the development of the 53-billion-dollar mining investment project is not going smoothly, and Peru is missing out on opportunities presented by growing demand for copper.
　　Castilla stated that 10 years ago, Peru’s annual investment in the mining sector reached between 9.5 and 10 billion U.S. dollars.
　　According to the latest statistics from Peru’s central bank, mining investment in the country fell from $5.4 billion in 2022 to $4.6 billion in 2023, a decrease of 14.1%.
　　“This is somewhat paradoxical: prices remain high, the urgent need to accelerate the energy transition has already been confirmed—and yet we have neither new projects nor thorough due diligence,” Castilla said.
　　Although the market expects a rebound this year—as projects postponed in 2023 may now move forward—reducing bureaucracy, curbing informal mining, and ensuring policy consistency remain critical.
　　“We have 85 million hectares of land occupied by organized crime. Similarly, our Congress places great importance on land-use planning, but instead of expanding land development, it is seeking to exclude certain areas. The establishment of restricted zones has led to illegal mining activities, and we feel deeply guilty about it.”
　　He added that roughly 500,000 people rely on illegal mining for their livelihoods, so the ultimate solution cannot depend solely on emergency measures—such as those implemented in Pataz, in the La Libertad region.
　　People are concerned that informal mining is beginning to spread into formal mining areas. The Cajamarca region, which borders the La Libertad region, could find itself in such a situation due to a vacuum of state authority, as it is a hub for numerous transnational criminal gangs.
　　He said that some projects depend more on consensus among authorities, communities, and companies than on environmental permits. Southern Copper Corporation has obtained all the necessary permits for its Tía María project in the Arequipa region, but the project has been stalled due to a lack of social acceptance. The regional government will play a crucial role.
　　“The regional president of Arequipa may support the project. The company is creating favorable conditions for water use, but it needs to overcome the fear surrounding decision-making. The hesitant attitude of many central and regional governments has led to losses, with investments being delayed and/or remaining at relatively low levels,” Castilla said.